We Temper our Fiscal 2019 Earnings Forecast for No-Moat Orica. No Change to AUD 16.50 FVE.
We make no change to our AUD 16.50 fair value estimate for no-moat Orica. However, we have reined-in our fiscal 2019 EPS forecast to AUD 1.11 from AUD 1.37 previously. We now expect full recovery from fiscal 2018's maintenance and weather-impacted lows to take slightly longer than previously allowed for. Orica's difficulties have not just been maintenance and weather one-offs. The company has reported reduced underlying EPS in each of the last seven fiscal years to 2017, and the first half of fi...Orica is engaged in the manufacture and distribution of commercial blasting systems and various chemical products and services. Co.'s segment comprised of: Australia/Pacific and Indonesia, North America, Latin America, Europe, Africa and Asia, which is involved in the manufacture and supply of commercial explosives and blasting systems; Minova, which is involved in the manufacture and supply of bolts, accessories and chemicals for stabilisation and ventilation systems in underground mining and civil tunnelling works; and Global Support, which is involved in the corporate and support costs, operation of the Botany Groundwater Treatment Plant and non-operating assets.
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